ICG holds final close for secondaries fund on $1.1bn
Intermediate Capital Group (ICG) has held a final close on $1.1bn for its Strategic Secondaries II Fund, surpassing its $1bn target.
The vehicle will invest in GP-led secondaries for fund restructuring purposes and to offer liquidity to LPs in mature funds.
ICG launched the fund in September 2015 and held an interim close for the vehicle on $750m in January 2017.
It is currently approximately 40% invested and will run a three-year investment period from the final close. The total fund life is eight years and the base management fee is set at 1.25%. It is registered in Delaware.
Investors
The fund's LP base comprises a mix of institutional investors from Europe and North America.
Investments
The vehicle will be purchasing stakes in buyout funds globally.
People
Intermediate Capital Group – Andrew Hawkins (head of secondaries).
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